Indian State Banks Post $2.3 Billion in Losses on Bad Loans
- Sour loans at Punjab National Bank widen to 12.9% of total
- Numbers show ‘rot’ in state-run banks: Equinomics Research
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Delinquent loans at Indian state banks are rising unabated.
Surging bad debt and higher provisions to cover for them caused 10 Indian state-owned lenders to report combined losses of 153 billion rupees ($2.3 billion) for the March quarter. The latest was Punjab National Bank, which reported a wider-than-estimated loss of 53.7 billion rupees on Wednesday. State Bank of India, the nation’s largest lender, will report earnings on May 27.